Some people receive both Social Security and SSI benefits.
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The Social Security Act ties the annual increase to the increase in the Consumer Price Index as determined by the Department of Labor’s Bureau of Labor Statistics.
Some other adjustments that take effect in January of each year are based on the increase in average wages. Based on that increase, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $137,700 from $132,900.
Social Security and SSI beneficiaries are normally notified by mail in early December about their new benefit amount.
Most people who receive Social Security payments will be able to view their COLA notice online through their my Social Security account. People can create or access their my Social Security account online at www.socialsecurity.gov/myaccount.
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